State Treasurer Janet Cowell and eight states' investment leaders are trying to oust directors of the company that owns a West Virginia mine where 29 miners were killed in an explosion last month.
Mark Johnson reports on our Under the Dome blog that Cowell, who oversees the state pension fund, and the other investors released a letter today highlighting Massey Energy's "repeated and serious" safety violations.
They asked shareholders to withhold support for three directors for failing to carry out their duties. The three are up for reelection at the company's May 18 shareholder's meeting.
"Massey Energy has an extensive history of persistent and serious safety violations," Cowell said in a prepared statement. "Ultimately, that has consequences for long-term shareholder value."
Massey Energy shares have fallen about 31 percent since the April 5 mine explosion but are still up nearly 75 percent in the past year.
The investor coalition collectively owns 1.4 million shares of Massey Energy. The other states include California, New York and Illinois.
Read the full Under the Dome report, which includes a copy of the letter, online here.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or